Coinbase\u2019s head of institutional strategy, John D\u2019Agostino, says large investors are not retreating from Bitcoin\u2019s latest selloff, even after the asset fell below $60,000 for the first time since October 2024. Speaking on CNBC\u2019s Squawk Box on June 8, D\u2019Agostino said institutional investors, family offices and sovereign-linked buyers are treating the drawdown as an opportunity to accumulate rather than a reason to exit.<\/p>\n
The remarks<\/a> came during a discussion about whether Bitcoin\u2019s decline toward the $59,000 area could hold as support, with CNBC\u2019s Joe Kernen noting concerns that a deeper break could open the door to a much larger move lower. D\u2019Agostino declined to make a direct price call, saying he does not want to offer investment advice, but pointed to the behavior of long-term allocators he speaks with through Coinbase\u2019s institutional business.<\/p>\n \u201cWhat I can tell you is I have the luxury of speaking to institutional investors. They\u2019ve put months and years into looking at this asset class. So when they do that and it\u2019s cheaper, they like it,\u201d D\u2019Agostino said.<\/p>\n He added that some investors have defined price targets, while others are focused on long-term accumulation<\/a>. According to D\u2019Agostino, recent conversations in the Middle East suggest that major buyers are comfortable with the decline.<\/p>\n \u201cI just got off a plane from the Middle East. And I can tell you that the family offices in the UAE and the government and sovereign funds that I\u2019m putting the effort into buying this asset class are not unhappy at being able to buy it at a discount.\u201d<\/p>\n D\u2019Agostino\u2019s core argument was not that Bitcoin\u2019s price had necessarily found a floor, but that the institutional market around the asset is materially stronger than in prior drawdowns. He said Coinbase is seeing the \u201cinstitutional piping\u201d that supports Bitcoin and other crypto assets continue to develop through both bullish and bearish market environments.<\/p>\n Compared with previous CNBC appearances during stronger price conditions, he said the market now has a \u201cshockingly stronger level of infrastructure.\u201d That infrastructure, he argued, is what many institutional investors are focused on when assessing whether Bitcoin is becoming a more durable long-term allocation.<\/p>\nCoinbase Exec Points To Stronger Bitcoin Infrastructure<\/h2>\n